TIDMCDGP
RNS Number : 5305A
Chapel Down Group PLC
23 January 2024
Chapel Down Group Plc
('CDG' or 'the Company')
EPIC: CDGP
FY23 Trading Update
Chapel Down, England's leading and largest winemaker, is pleased
to provide an unaudited trading update for the year ended 31
December 2023.
The Board is pleased to report a strong result for the financial
year. In line with strategy, the Group has continued to deliver
profitable growth and expand its brand presence both domestically
and internationally.
The Group expects to report:
2023 2022 Change H2 2023 H2 2022 Change
Gross Sales Revenue (GSR) GBP20.1m GBP17.7m +13% GBP10.8m GBP9.9m +9%
--------- --------- ------- --------- -------- -------
Duty GBP2.2m GBP2.1m +5% GBP1.2m GBP1.2m +8%
--------- --------- ------- --------- -------- -------
Net Sales Revenue pre-retro
(NSR) GBP17.9m GBP15.6m +14% GBP9.6m GBP8.7m +9%
--------- --------- ------- --------- -------- -------
Retro GBP0.7m GBP0.6m +15% GBP0.5m GBP0.4m +7%
--------- --------- ------- --------- -------- -------
Net Sales Revenue post-retro
(NSR post retro) GBP17.2m GBP15.0m +14% GBP9.1m GBP8.3m +10%
--------- --------- ------- --------- -------- -------
-- Chapel Down has shown continued sales momentum.
-- NSR post retro(1) is expected to have grown 14% to GBP17.2m (2022: GBP15.0m).
-- NSR pre retro(1,2) , Chapel Down's previously disclosed main revenue
metric, is expected to have grown 14% to GBP17.9m (2022: GBP15.6m).
-- Strong Traditional Method Sparkling (TMS) wine volume and value growth
underpinned the premiumisation strategy:
-- Core TMS wine NSR grew by 25% to GBP12.0m (2022: GBP9.6m) on underlying
volume growth of 12% to 887k bottles (2022: 789k).
-- "A Touch of Sparkle" Carbonated wine NSR grew by 7% to GBP1.5m (2022:
GBP1.4m)
-- Still wine NSR reduced by 7% to GBP2.6m (2022: GBP2.8m), in a competitive
market for Still wines and with the increase in Duty during the year.
-- Spirits NSR reduced by 7% to GBP0.6m (2022: GBP0.6m). Chapel Down reconfirms
its planned exit from Spirits in Q1 2024.
-- Sales growth was spread across all of Chapel Down's UK & International
trade channels and the Direct-to-Consumer business, showing the benefits
of scale and breadth of distribution.
-- Off-trade remains the largest channel and NSR grew +9%. Off-trade TMS
wines NSR grew +21%, strengthened by the introduction of Sparkling Rose
for sale alongside Brut in the Premium category, as well as an expanded
distribution to 3,805 listings (2022: 3,116).
-- English Sparkling Wine as a category grew retail sales value by 16%
in the UK Off-trade, whilst Champagne sales declined 9%. Chapel Down's
Off-trade value market share, measured by Nielsen, was maintained at
35.4% in 2023 (2022: 35.7%), re-confirming its market leadership.
-- On-trade NSR grew +26%, driven by a significant increase in listings
to over 2,000, with over 1,000 being "by the glass", which leads to
the greatest rate of sale and consumer conversion.
-- Export NSR grew +67% primarily due to a very strong first year listing
in UK Duty Free outlets including Heathrow, Gatwick and London City
airports. Chapel Down is also focused on establishing its brand and
growing sales internationally across core export markets.
-- The Direct-to-Consumer business accounted for 32% of NSR (2022: 33%)
with strong Ecommerce NSR growth of +18% and Tenterden brand home &
Events increasing +14%, supported by a successful summer of events.
-- Chapel Down's average realised sales price (ASP) grew 12% during the year,
illustrating the continued premiumisation of the brand and favourable mix.
-- The Chapel Down brand continues to grow strongly due to best-in-class wines
(winner of 28 awards in 2023), scale and sustained investment, with prompted
brand awareness at 39% (2022: 32%) and penetration of 14% (2022: 10%).
Source: BrandVue
-- The brand home at Tenterden operated at close to full capacity for the
year, with 60,000 visitors in 2023.
-- The Company recorded net debt of GBP1.2m (2022: Net Cash GBP3.3m) after
a record Harvest of 3,811 tonnes (2022: 2,050) and the planting of 118
acres at the Boarley vineyard, which takes total land under vine to 906
acres, or 367 Hectares (2022: 788 acres, 319 Hectares).
Andrew Carter, Chapel Down CEO, commented:
"2023 was a landmark year for English Wine and Chapel Down, and
it is great to see the strategic and operational progress that we
have delivered, and the continuing sales momentum we have. In line
with our 2023 targets, the business achieved double digit net sales
revenue growth, driven by the exceptional performance of our
traditional method sparkling wine and with growth across all our UK
& International trade channels and our Direct-to-Consumer
business.
"Chapel Down continues to grow profitably - a core strength
which, along with our strong balance sheet, makes us resilient and
underpins our ambitious plans. We look forward to updating the
market on the continued profitability of our business in our full
year audited results.
"Chapel Down is the market leader in an industry which is
enjoying rapid and sustained growth, we have the strongest and most
recognised brand, the deepest distribution which we continue to
expand at pace, and we continue to win international acclaim for
the quality of our wines. Reflecting the maturity of the business
and our ambitious growth plans, in December Chapel Down's shares
admitted to trading on the London Stock Exchange's AIM, enabling a
wider pool of investors to participate in Chapel Down's growth in
2024 and beyond.
"Our continued outstanding performance, and the fantastic,
record-breaking 2023 harvest, means our passionate and highly
skilled team carries significant momentum into the new financial
year."
Note 1 : Chapel Down listed on AIM on 7(th) December 2023.
Consequently, the company has adopted IFRS as its accounting
standard. This includes netting Retrospective discount support
(Retro), which is promotional price support given to customers by
Chapel Down, from Net Sales Revenue ("NSR post Retro"). Previously,
Net Sales Revenue was reported before netting Retro ("NSR pre
retro"). The full impacts of moving to IFRS accounting, and a
reconciliation to results under the Company's previous FRS
accounting standard, will be provided in the year end audited
accounts.
Note 2 : All channel and category splits in this announcement
are shown pre retro, to enable like for like comparison.
This announcement contains inside information for the purposes
of the retained UK version of the EU Market Abuse Regulation (EU)
596/2014 ("UK MAR").
Contacts
Chapel Down Group plc
Andrew Carter Chief Executive
Rob Smith Chief Financial Officer 01580 763 033
Singer Capital Markets
Shaun Dobson
Tom Salvesen
Asha Chotai Nominated Adviser
James Fischer and Broker 020 7496 3000
H/Advisors Maitland
Sam Cartwright
Jonathan Cook 020 73795151
About Chapel Down
Chapel Down (AIM: CDGP) is England's leading and largest
winemaker and the power brand of English wine, the world's newest
international wine region. From its home in Kent in the heart of
the Garden of England, Chapel Down produces a range of sparking and
still wines which consistently win prestigious international awards
for their quality. Chapel Down has over 1,000 acres of vineyards,
of which 750 acres are fully productive.
Chapel Down's status as the most recognised English wine brand
is supported by its partnerships with flagship sporting and
cultural events including Ascot, the Boat Race and Pub in the Park,
and Chapel Down is the 'Official Sparkling Wine of the England and
Wales Cricket Board'.
Chapel Down is listed on the London Stock Exchange's AIM and has
over 8,000 retail investors who enjoy discounts on Chapel Down's
wines and tours and tastings at the brand's home at Tenterden Kent,
which each year attracts c60,000 visitors.
Chapel Down is strongly committed to growing its business in
balance with the environment and sustainability is a strong,
ongoing focus. The company is a founding member of Sustainable
Wines of GB and practices sustainable viticulture.
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END
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